North Carolina HB 656: Community Economic Development Funds.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2007
H 1
HOUSE BILL 656

Short Title: Community Economic Development Funds. (Public)
Sponsors: Representatives Wainwright, Coleman, Adams, McAllister (Primary
Sponsors); Alexander, Bell, Blue, Bryant, Faison, Farmer-Butterfield,
Glazier, Hall, Harrison, Jones, Mobley, Pierce, and Wray.
Referred to: Appropriations.
March 15, 2007

A BILL TO BE ENTITLED 1
AN ACT TO APPROPRIATE FUNDS TO COMMUNITY INSTITUTIONS TO 2
ASSIST SMALL FARMERS AND RURAL LANDOWNERS, SUPPORT 3
ECONOMIC DEVELOPMENT ACTIVITIES IN MINORITY 4
NEIGHBORHOODS AND COMMUNITIES, ASSIST MINORITY AND 5
WOMEN-OWNED BUSINESSES, AND PROVIDE ACCESS TO AFFORDABLE 6
FINANCE SERVICES AND ASSET BUILDING OPPORTUNITIES 7
STATEWIDE. 8
The General Assembly of North Carolina enacts: 9
SECTION 1. There is appropriated from the General Fund to the 10
Department of Commerce the sum of three hundred fifty thousand dollars ($350,000) 11
for the 2007-2008 fiscal year to be allocated to the Land Loss Prevention Project for the 12
purpose of: (i) continuing expansion of legal representation to financially distressed 13
small farmers and to rural landowners in underserved tobacco dependent communities; 14
and (ii) providing funding for the Black Family Land Trust. The Land Loss Prevention 15
Project shall not use these funds to represent farmers who have income and assets that 16
would make them financially ineligible for legal services under Part 1611 of Title 45 of 17
the U. S. Code of Federal Regulations. 18
SECTION 2. There is appropriated from the General Fund to the 19
Department of Commerce the sum of seven hundred thousand dollars ($700,000) for the 20
2007-2008 fiscal year and the sum of seven hundred thousand dollars ($700,000) for the 21
2008-2009 fiscal year to be allocated to the North Carolina Association of Community 22
Development Corporations, Inc., to increase the current budget for the purpose of 23
strengthening the State's economy through community-based development activities, 24
including enhancing the work of community development corporations in building 25
prosperous communities. 26

General Assembly of North Carolina Session 2007
Page 2 House Bill 656-First Edition
SECTION 3.(a) There is appropriated from the General Fund to the 1
Department of Commerce the sum of three million dollars ($3,000,000) for the 2
2007-2008 fiscal year and the sum of three million dollars ($3,000,000) for the 3
2008-2009 fiscal year to be allocated to the North Carolina Community Development 4
Initiative, Inc., to increase the current budget for grants, loans, technical assistance, and 5
administration dedicated statewide for community economic development projects. 6
SECTION 3.(b) There is appropriated from the General Fund to the 7
Department of Commerce the sum of four million dollars ($4,000,000) for the 8
2007-2008 fiscal year to be allocated to the North Carolina Community Development 9
Initiative, Inc., to increase the current budget to leverage and secure private sector 10
investments into Initiative Capital, the Initiative's lending subsidiary. 11
SECTION 4. There is appropriated from the General Fund to the 12
Department of Commerce the sum of one million dollars ($1,000,000) for the 13
2007-2008 fiscal year and the sum of one million dollars ($1,000,000) for the 14
2008-2009 fiscal year to be allocated to the North Carolina Institute for Minority 15
Economic Development to increase the current budget for technical assistance, training, 16
loans, grants, and administration in economic development projects and statewide 17
initiatives. 18
SECTION 5.(a) There is appropriated from the General Fund to the 19
Department of Commerce the sum of one million dollars ($1,000,000) for the 20
2007-2008 fiscal year and the sum of one million dollars ($1,000,000) for the 21
2008-2009 fiscal year to be allocated to the North Carolina Minority Support Center to 22
increase the current budget for operating expenses, programs, technical assistance and 23
financial support for products and services that benefit members of Community 24
Development Credit Unions throughout the State. 25
SECTION 5.(b) There is appropriated from the General Fund to the 26
Department of Commerce the sum of five million dollars ($5,000,000) for the 27
2007-2008 fiscal year to be allocated to the North Carolina Minority Support Center for 28
the purpose of making program and capacity grants through a competitive grants 29
process to Generations Community Credit Union, Latino Community Credit Union, and 30
First Legacy Federal Credit Union to increase consumer access to affordable financial 31
services through branch location, expansion, and technological innovation. 32
SECTION 6. This act becomes effective July 1, 2007. 33